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INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

NASDAQ:INDB - Nasdaq - US4538361084 - Common Stock - Currency: USD

65.87  -0.37 (-0.56%)

After market: 65.87 0 (0%)

Fundamental Rating

4

Taking everything into account, INDB scores 4 out of 10 in our fundamental rating. INDB was compared to 393 industry peers in the Banks industry. Both the profitability and financial health of INDB have multiple concerns. INDB has a decent growth rate and is not valued too expensively. Finally INDB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

INDB had positive earnings in the past year.
INDB had a positive operating cash flow in the past year.
In the past 5 years INDB has always been profitable.
INDB had a positive operating cash flow in each of the past 5 years.
INDB Yearly Net Income VS EBIT VS OCF VS FCFINDB Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

The Return On Assets of INDB (0.95%) is better than 61.32% of its industry peers.
Looking at the Return On Equity, with a value of 6.22%, INDB is doing worse than 67.43% of the companies in the same industry.
Industry RankSector Rank
ROA 0.95%
ROE 6.22%
ROIC N/A
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
INDB Yearly ROA, ROE, ROICINDB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

INDB has a better Profit Margin (26.95%) than 70.99% of its industry peers.
INDB's Profit Margin has declined in the last couple of years.
The Operating Margin and Gross Margin are not available for INDB so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 26.95%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
INDB Yearly Profit, Operating, Gross MarginsINDB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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3

2. Health

2.1 Basic Checks

INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, INDB has less shares outstanding
The number of shares outstanding for INDB has been increased compared to 5 years ago.
Compared to 1 year ago, INDB has an improved debt to assets ratio.
INDB Yearly Shares OutstandingINDB Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
INDB Yearly Total Debt VS Total AssetsINDB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

The Debt to FCF ratio of INDB is 2.06, which is a good value as it means it would take INDB, 2.06 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 2.06, INDB is in line with its industry, outperforming 48.09% of the companies in the same industry.
INDB has a Debt/Equity ratio of 0.12. This is a healthy value indicating a solid balance between debt and equity.
INDB has a Debt to Equity ratio of 0.12. This is in the better half of the industry: INDB outperforms 65.14% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 2.06
Altman-Z N/A
ROIC/WACCN/A
WACC12.27%
INDB Yearly LT Debt VS Equity VS FCFINDB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INDB Yearly Current Assets VS Current LiabilitesINDB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2019 2020 2021 2022 2023 2024 50M 100M 150M

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6

3. Growth

3.1 Past

INDB shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -8.85%.
Measured over the past years, INDB shows a decrease in Earnings Per Share. The EPS has been decreasing by -4.31% on average per year.
INDB shows a small growth in Revenue. In the last year, the Revenue has grown by 1.97%.
The Revenue has been growing slightly by 6.29% on average over the past years.
EPS 1Y (TTM)-8.85%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%3.31%
Revenue 1Y (TTM)1.97%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.78%

3.2 Future

INDB is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 23.63% yearly.
INDB is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 21.87% yearly.
EPS Next Y18.14%
EPS Next 2Y23.63%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year20.55%
Revenue Next 2Y21.87%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
INDB Yearly Revenue VS EstimatesINDB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M 1B
INDB Yearly EPS VS EstimatesINDB Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 14.54, the valuation of INDB can be described as correct.
INDB's Price/Earnings ratio is a bit more expensive when compared to the industry. INDB is more expensive than 64.38% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.93. INDB is valued slightly cheaper when compared to this.
Based on the Price/Forward Earnings ratio of 9.47, the valuation of INDB can be described as reasonable.
61.32% of the companies in the same industry are more expensive than INDB, based on the Price/Forward Earnings ratio.
INDB's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 37.78.
Industry RankSector Rank
PE 14.54
Fwd PE 9.47
INDB Price Earnings VS Forward Price EarningsINDB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, INDB is valued a bit more expensive than the industry average as 70.48% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 18.96
EV/EBITDA N/A
INDB Per share dataINDB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as INDB's earnings are expected to grow with 23.63% in the coming years.
PEG (NY)0.8
PEG (5Y)N/A
EPS Next 2Y23.63%
EPS Next 3YN/A

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7

5. Dividend

5.1 Amount

INDB has a Yearly Dividend Yield of 3.54%.
Compared to an average industry Dividend Yield of 3.40, INDB pays a bit more dividend than its industry peers.
INDB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.32.
Industry RankSector Rank
Dividend Yield 3.54%

5.2 History

The dividend of INDB has a limited annual growth rate of 5.56%.
INDB has paid a dividend for at least 10 years, which is a reliable track record.
INDB has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.56%
Div Incr Years14
Div Non Decr Years30
INDB Yearly Dividends per shareINDB Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

51.31% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.
The dividend of INDB is growing, but earnings are growing more, so the dividend growth is sustainable.
DP51.31%
EPS Next 2Y23.63%
EPS Next 3YN/A
INDB Yearly Income VS Free CF VS DividendINDB Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
INDB Dividend Payout.INDB Dividend Payout, showing the Payout Ratio.INDB Dividend Payout.PayoutRetained Earnings

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INDEPENDENT BANK CORP/MA

NASDAQ:INDB (7/28/2025, 8:00:02 PM)

After market: 65.87 0 (0%)

65.87

-0.37 (-0.56%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)07-17 2025-07-17/amc
Earnings (Next)10-15 2025-10-15/amc
Inst Owners89.59%
Inst Owner Change1.84%
Ins Owners0.91%
Ins Owner Change6.41%
Market Cap3.30B
Analysts80
Price Target76.25 (15.76%)
Short Float %3.77%
Short Ratio5.15
Dividend
Industry RankSector Rank
Dividend Yield 3.54%
Yearly Dividend2.25
Dividend Growth(5Y)5.56%
DP51.31%
Div Incr Years14
Div Non Decr Years30
Ex-Date06-30 2025-06-30 (0.59)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-3.99%
Min EPS beat(2)-10.02%
Max EPS beat(2)2.05%
EPS beat(4)2
Avg EPS beat(4)-1.93%
Min EPS beat(4)-10.02%
Max EPS beat(4)6.39%
EPS beat(8)4
Avg EPS beat(8)-1.03%
EPS beat(12)7
Avg EPS beat(12)-0.85%
EPS beat(16)10
Avg EPS beat(16)3.33%
Revenue beat(2)0
Avg Revenue beat(2)-0.79%
Min Revenue beat(2)-1.29%
Max Revenue beat(2)-0.28%
Revenue beat(4)0
Avg Revenue beat(4)-1.06%
Min Revenue beat(4)-1.67%
Max Revenue beat(4)-0.28%
Revenue beat(8)0
Avg Revenue beat(8)-1.51%
Revenue beat(12)3
Avg Revenue beat(12)-1.31%
Revenue beat(16)4
Avg Revenue beat(16)-1.06%
PT rev (1m)0%
PT rev (3m)1.7%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-5.84%
EPS NY rev (1m)0.57%
EPS NY rev (3m)-1.03%
Revenue NQ rev (1m)-0.69%
Revenue NQ rev (3m)-1.07%
Revenue NY rev (1m)1.71%
Revenue NY rev (3m)3.39%
Valuation
Industry RankSector Rank
PE 14.54
Fwd PE 9.47
P/S 4.71
P/FCF 18.96
P/OCF 17.18
P/B 1.09
P/tB 1.62
EV/EBITDA N/A
EPS(TTM)4.53
EY6.88%
EPS(NY)6.95
Fwd EY10.56%
FCF(TTM)3.47
FCFY5.28%
OCF(TTM)3.83
OCFY5.82%
SpS13.98
BVpS60.53
TBVpS40.66
PEG (NY)0.8
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.95%
ROE 6.22%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 26.95%
GM N/A
FCFM 24.86%
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 2.06
Debt/EBITDA N/A
Cap/Depr 44.03%
Cap/Sales 2.57%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 92.25%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC12.27%
ROIC/WACCN/A
Cap/Depr(3y)50.27%
Cap/Depr(5y)54.76%
Cap/Sales(3y)2.72%
Cap/Sales(5y)3.15%
Profit Quality(3y)123.13%
Profit Quality(5y)109.73%
High Growth Momentum
Growth
EPS 1Y (TTM)-8.85%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%3.31%
EPS Next Y18.14%
EPS Next 2Y23.63%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.97%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.78%
Revenue Next Year20.55%
Revenue Next 2Y21.87%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-54.08%
FCF growth 3Y8.28%
FCF growth 5Y0.94%
OCF growth 1Y-51.63%
OCF growth 3Y6.53%
OCF growth 5Y1.21%